A saída: uma análise da deslistagem na Bovespa
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By the definition of the characteristics that distinguish Brazilian listed companies which apply their delisting and the remaining listed companies in the market, this issue investigates, as a preliminary mean, the motivations that make companies to decide to go private. There are evidences that companies with small growth, shares that are not liquid and companies with low free float have higher probability of delisting. These results are consistent to the theory that delisting occurs when the company does not have perspectives of take benefits from being a public company, which means, it does not use the market as a source of funding, once there is no growth; its original shareholders did not reach the patrimonial liquidity, since the free float is low; and it is likely that the costs of adverse selection are high due to the lack of liquidity of its shares.